PROJECT ESTIMATION & CONTROL
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1 PROJECT ESTIMATION & CONTROL Jean-François REITER VP Project Estimation & Control INVESTOR DAY, PARIS, FRANCE - October 22, 2004
2 E.P.C. LUMP SUM CONTRACTS Technip guarantees to its client: The price of the project execution The overall project schedule The process performances As a consequence, Technip assumes the following risks associated with project execution: Cost overruns Delay in delivery Process performances not achieved Associated penalties Proper project control is key to: preventing cost overruns avoiding additional exposure Securing and improving profit 160
3 ORGANISATION CHART OF PROJECT ESTIMATION AND CONTROL GROUP CEO GROUP CFO VP Project Estimation & Control Estimation Cost Control Scheduling Project Control Management 161
4 PROJECT ESTIMATION AND CONTROL Project Estimation and Control (PEC): Starts during the bidding phase with the cost estimation Is a continuous process during project execution looking both backwards and forwards Mainly emphasizes: Cost Control Scheduling Risk identification and mitigation 162
5 PURPOSE OF ESTIMATION Definition of the best execution scenario Risk analysis and adequate cost evaluation Computation of the lowest realistic technical price 163
6 PURPOSE OF PROJECT CONTROL Provide the Project Manager and Technip Management with the best visibility in terms of: BUDGET PLANNING In order to: Execute the contract within the technical price and planning parameters Improve the profit margin at completion Assess and mitigate the risks during project execution Efficiently invoice and control payments Optimize cash position 164
7 ENSURING VISIBILITY THROUGH PROJECT CONTROL USING PROJECT MANAGEMENT REPORTS (PMRs) Project Start PMR 1 PMR 2 PMR 3 PMR 4 Project Completion PMRs are held every month during the execution of a project and Cover the status of: Commitments undertaken Expenses Payments Schedule Update completion forecasts on: Commitments to be finalized Project risks Cash position Schedule 165
8 FROM COST CONTROL TO INTEGRATED PROJECT CONTROL In the face of the following recent trends in contract terms and conditions: Incomplete technical definition of scope of work Tough contractual clauses (LDE s, penalties) Greater exposure transfer to contractors Tight scheduling requirements Technip has created within PEC a Project Control Management division (PCM) which: Centralizes global estimation and project control expertise Is staffed with the Group s most experienced estimation and project control managers Increased execution risk due to local content requirements 166
9 PROJECT CONTROL MANAGER PRIMARY RESPONSIBILITIES Is involved at project start-up During the project execution: Supervises cost control, schedule Monitors and reports progress Early identifies any contractual or scope of work variations Supports the Project Manager in assessing impact of changes and getting compensation At project completion: Issue project close-out report Participates in benchmarking used to enhance feedback database Follows up warranties cancellation of bank guarantees 167
10 For more information, please contact: INVESTOR RELATIONS G. Christopher Welton Tel. +33 (0) [email protected] David-Alexandre Guez Tel. +33 (0) [email protected] 168
11 TRADING TECHNIP ISIN FR
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